At a glance
Ringcentral Inc is worth $7.28B, about 180 times its fiscal 2025 earnings. Revenue grew 4.8% to $2.52B in fiscal 2025, with 1.7% kept as profit; over 5 years it has grown 16.3% a year. It pays no dividend; it spent $1.07B buying back its shares over FY2021–FY2025. The stock returned +184.4% over the past year with dividends reinvested and −18.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.1% in the 2020 crash (S&P 500: 33.7%) and 82.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
RingCentral, based in Belmont, California, sells cloud communications software to businesses. Its core product, RingEX, is unified communications as a service (UCaaS). That means a business phone system, messaging, fax and video meetings delivered over the internet instead of through office equipment. RingEX is offered in 45 countries, with phone numbers available in 100. The company also sells contact center as a service (CCaaS) software for customer service teams. It offers its own RingCX and also RingCentral Contact Center, which uses technology from NICE Ltd. Other products include AI tools such as an AI Receptionist that answers calls, a version that works inside Microsoft Teams, and a virtual events platform.
Most revenue is recurring. Subscriptions made up over 90% of revenue in fiscal 2024 and 2025. They are sold on monthly, annual or multi-year contracts and priced by features and number of users. Some AI products are billed by usage. The rest of revenue comes from reselling desk phones made by other companies and from professional services. Revenue was $2.52 billion in fiscal 2025, up 4.8%.
Customers range from small and medium-sized businesses to large enterprises in healthcare, financial services, retail, government, education and other fields. No customer made up more than 10% of revenue in fiscal 2023 through 2025. RingCentral sells through its own sales staff and through resellers, distributors and global service providers. It reports as a single business segment.
Price history
The interactive chart needs JavaScript.
RNG +184.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $676.0M, up 5.9% from a year earlier, and net income was $569.7M (+3144.5%).
- For fiscal 2025, revenue was $2.52B (+4.8% year over year; +16.3% a year from FY2020 to FY2025) with a 1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.3% good |
|---|---|
| Operating margin | 4.8% weak |
| Free cash flow margin | 23.4% good |
| Return on assets (FY2025) | 2.9% weak |
| Net cash (cash minus debt) | $-900.5M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.18B | $-83.0M | $-78.8M |
| FY2021 | $1.59B | $-376.3M | $123.2M |
| FY2022 | $1.99B | $-879.2M | $158.6M |
| FY2023 | $2.20B | $-165.2M | $376.1M |
| FY2024 | $2.40B | $-58.3M | $458.3M |
| FY2025 | $2.52B | $43.4M | $587.3M |
Valuation snapshot
| Market value | $7.28B |
|---|---|
| P/E ratio | 179.6 |
| Dividend yield | 0.33% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RNG price data to Oct 28, 2026 | +200.2% | +184.4% | +50.8% | -18.7% | +15.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +200.2% |
| 2025 | -17.5% |
| 2024 | +3.1% |
| 2023 | -4.1% |
| 2022 | -81.1% |
| 2021 | -50.6% |
| 2020 | +124.7% |
| 2019 | +104.6% |
| 2018 | +70.3% |
| 2017 | +134.9% |
| 2016 | -12.6% |
| 2015 | +58.0% |
| 2014 | -18.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23% over that stretch · deepest drop along the way 44.1%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 82.8% over that stretch · deepest drop along the way 82.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 28 sales ($8.2M), 28 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 14, 2026 | Kira Makagon President and COO | sell (plan) | $2.5M |
| Sep 3, 2026 | Vladimir Shmunis CEO and Chairman, Director | sell (plan) | $594K |
| Sep 2, 2026 | Vladimir Shmunis CEO and Chairman, Director | sell (plan) | $583K |
| Jun 15, 2026 | Vladimir Shmunis CEO and Chairman, Director | sell (plan) | $571K |
| Sep 2, 2026 | Vaibhav Agarwal Chief Financial Officer | sell (plan) | $508K |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 14.5% | Sep 30, 2025 |
| BlackRock, Inc. | 12.8% | Jun 30, 2026 |
| Vanguard Portfolio Management | 7.35% | Sep 30, 2026 |
| LSV ASSET MANAGEMENT | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
ETFs with the most weight in RNG
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.99% |
| FCLD Fidelity Cloud Computing ETF | 0.98% |
| SKYY First Trust Cloud Computing ETF | 0.93% |
| XSW SPDR S&P Software & Services ETF | 0.66% |
| NIXT Research Affiliates Deletions ETF | 0.61% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.51% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.34% |
| FXL First Trust Technology AlphaDEX Fund | 0.33% |
What could go wrong
- Key suppliers are also competitors. RingCentral relies on third parties, including competitors, to deliver contact center, SMS (text messaging) and other services. Its RingCentral Contact Center product uses NICE technology. If these relationships change, products and results could suffer.
- Large debt load, little cash. As of September 30, 2026, total debt was about $1.01 billion, against $110 million in cash and investments. Paying for this debt, including convertible notes (bonds that can turn into shares), may require significant cash.
- Profits are new and thin. RingCentral posted net losses every year from fiscal 2020 to 2024. Fiscal 2025 net income was $43 million, a 1.7% margin on $2.5 billion of revenue. The company warns it may not stay profitable.
- Growth has slowed in a crowded market. Revenue grew 4.8% in fiscal 2025, compared with 16.3% a year, on average, over the five years to fiscal 2025. The company faces intense competition and must keep adding customers without overspending.
- AI bets may not pay off. AI sits at the center of RingCentral's product plans and research spending. The company warns these new technologies bring legal and business risks, may not deliver the expected benefits and could create liability.
- Outages or breaches could drive customers away. Businesses rely on RingCentral for calls, including 911 emergency calls handled with third-party help. Outages, bugs or cyber-attacks could force service credits or penalties, harm its reputation and push customers to rivals.
Recent events
- Quarterly results released
- Shareholder nomination deadline; Other company announcement
- Shareholder nomination deadline; Other company announcement
- Quarterly results released
- Quarterly results released
- Quarterly results released; Other company announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
RingCentral is not built for income. It paid no dividends from fiscal 2021 through fiscal 2025, so it has no record of increases. Its annual report filed February 27, 2026 refers to declaring dividends but warns they may not continue. The dividend yield was 0.33% as of October 28, 2026. Buybacks (repurchases of its own shares) have been its main way of returning cash. They totaled about $1.07 billion from fiscal 2021 to 2025, including $334 million in fiscal 2025. That year, free cash flow (cash left after capital spending) was $587 million. Returns depend mostly on the share price, which has swung widely.
In the 2020 COVID crash, the stock fell 44.1% from February 19 to March 16, 2020, and regained its peak by April 20. In the 2022 bear market, it fell 82.8% from January 3 to October 12, 2022. It had not recovered that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does RingCentral make money?
Mostly from subscriptions. Over 90% of RingCentral's revenue in fiscal 2024 and 2025 came from subscriptions to its cloud phone, messaging, video and contact center software. Contracts run monthly, annually or for several years, priced by features and number of users. Some AI products are billed by usage instead. The rest comes from reselling desk phones made by other companies and from professional services. Revenue was $2.52 billion in fiscal 2025, up 4.8%.
Does RingCentral pay a dividend?
Yes, but it is small and has a short record. RingCentral paid no dividends from fiscal 2021 through fiscal 2025. Its annual report filed February 27, 2026 refers to declaring cash dividends but warns there is no assurance it will keep doing so. The dividend yield is yearly dividends divided by the share price. It was 0.33% as of October 28, 2026, and there is no history of increases. Buybacks have been its main way of returning cash, about $1.07 billion from fiscal 2021 to 2025.
Is RingCentral profitable?
Yes, though full-year profits are thin. RingCentral earned net income of $43.4 million in fiscal 2025, a 1.7% net margin on $2.52 billion of revenue. That followed net losses every year from fiscal 2020 to 2024. Cash generation is stronger. Free cash flow, the cash left after running and investing in the business, was $587 million in fiscal 2025. Net income for the quarter ended September 30, 2026 jumped to $569.7 million, while revenue rose 5.9% from a year earlier.
How much debt does RingCentral have?
About $1.01 billion as of September 30, 2026, against $110 million in cash and investments. Debt exceeded cash by roughly $900 million. Shareholders' equity is what is left after subtracting liabilities from assets. It was slightly negative, at minus $12.4 million. The annual report warns that paying for its debt, including convertible notes and a credit agreement, may require significant cash. It also says the credit agreement restricts how the company operates.
Has RingCentral stock recovered from its 2022 crash?
Not fully. The share price fell 82.8% between January 3 and October 12, 2022, and had not regained that peak as of October 28, 2026. It has rebounded sharply since. As of that date, the stock was up 200.2% year to date and 184.4% over one year. Even so, it was down 64% in total over five years. Volatility measures how much the price swings. It was 67.4% over the year to that date.